LEHI,
Utah, Aug. 5, 2022 /PRNewswire/ -- Project
Solar, the leading e-commerce brand for solar installations, today
announced the close of a $23M Series
A financing round led by Left Lane Capital, with additional support
from strategics within the industry.
The investment represents the first institutional capital for
the company and will help them scale their digital-first,
direct-to-consumer offering in additional markets. The company will
also further invest in the development of its solar installation
technology stack that sits across the entire solar process - from
automated quoting to project management.
Founders Trevor Hiltbrand and
Matthew Smith, with backgrounds in
e-commerce and tech startups, set out to disrupt the solar industry
by cutting out commissioned sales reps from the solar business
model and increasing transparency and efficiency in the process.
With just a few inputs from customers, Project Solar instantly
calculates your needed system size and corresponding price for your
home's current electrical usage, all without talking to a sales
rep.
Back in 2021 when the company launched, Project Solar targeted
do-it-yourselfers with their DIY solar kits, but quickly pivoted
their focus to full installation by creating an installer network
covering 20 solar-friendly states. The installers within the
network are vetted and fully managed by Project Solar, offering the
customer the benefit of local labor and serviceability, while
maintaining the warranty benefits, scale, and pricing advantages of
a large national brand.
"At our pricing, solar is an amazing investment for nearly every
homeowner in the United States.
Nationally, our customers see an average ROI of 18% in the first
year," says Trevor Hiltbrand, CEO
and Co-Founder of Project Solar.
By cutting out the commissioned sales representatives, who often
make anywhere from $0.30-$1.00/watt, Project Solar is able to offer
dramatically lower prices to consumers in a transparent and upfront
manner. Project Solar sells at an average of $2.20/watt while the national average sale price
for residential solar hovers around $3.90/watt (source NREL).
The Series A funding follows the recent announcement from
President Biden about a two year pause on panel import tariffs from
Cambodia, Thailand, Malaysia and Vietnam, which is a huge win for the solar
industry and solar shoppers alike. Federal incentives further drive
down the cost of going solar with a current 2022 federal tax credit
equal to 26% of the project cost.
"Solar has never been more attractive from an investment
perspective, nor more needed from an environmental perspective,"
says Matthew Smith, President and
Co-Founder of Project Solar. "Our online model allows us to offer
top tier equipment, with warrantied professional installation, for
industry leading low prices," Smith adds.
"We are thrilled to partner with the entire Project Solar team.
The company's growth over the last year speaks for itself. With
rising energy costs and more awareness of our climate impact, it
has never been better for the consumer to consider solar as a
complete energy solution for their home. Project Solar has adopted
technology across the entire organization which has allowed the
business to scale rapidly across the entire country," says
Derek Urben, investor at Left Lane
Capital.
Project Solar is on track to having 30 megawatts of solar
installed this year, with the goal of installing 150 megawatts
during 2023. With this additional funding and the continued trust
that customers put into the brand, Project Solar is on its way to
becoming the most trusted household brand in solar energy.
About Project Solar: Project Solar is a commission
free solar sales, design, permitting and procurement company
offering a digitally powered automated solar quoting and checkout
experience, paired with full installation services through their
proprietary network of contractors. With a mission to drive
green energy adoption through substantial homeowner financial
savings, Project Solar offers top tier solar equipment and
installation directly to consumers at a fraction of the average
cost. For more information, please visit
https://projectsolar.io/.
About Left Lane Capital: Left Lane Capital is a
leading New York-based global
venture capital firm investing in high-growth internet and consumer
technology companies. Left Lane's mission is to partner with
extraordinary entrepreneurs creating category-defining businesses
fundamental to the human condition and spirit. Previous investments
include GoStudent, Masterworks, M1 Finance, Tovala, FightCamp,
Wayflyer, Blank Street, and more. For more information, please
visit www.leftlanecap.com.
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SOURCE Project Solar
